MBA Managerial Accounting Exam Bank
Course Introduction
MBA Managerial Accounting provides students with a comprehensive understanding of the principles and techniques used in managerial decision-making and financial planning within organizations. The course covers topics such as cost behavior, budgeting, variance analysis, performance evaluation, and the strategic use of accounting information to support management in planning, controlling operations, and making informed business decisions. Emphasis is placed on interpreting financial data, aligning accounting practices with organizational objectives, and effectively communicating accounting information to stakeholders to drive business success.
Recommended Textbook
Managerial Accounting 13th Edition by Carl Warren
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14 Chapters
2568 Verified Questions
2568 Flashcards
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Page 2
Chapter 1: Managerial Accounting Concepts and Principles
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201 Verified Questions
201 Flashcards
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Sample Questions
Q1) The plant manager's salary in a manufacturing business would be considered an indirect cost.
A)True
B)False
Answer: True
Q2) Prime costs are
A)direct materials and factory overhead
B)direct materials and direct labor
C)direct labor and factory overhead
D)period costs and factory overhead
Answer: B
Q3) A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period.If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was
A)$218,000
B)$226,000
C)$190,000
D)$222,000
Answer: A
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Chapter 2: Job Order Costing
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195 Verified Questions
195 Flashcards
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Sample Questions
Q1) The controlling account for the cost ledger is
A)Finished Goods
B)Materials
C)Work in Process
D)Cost of Goods Sold
Answer: C
Q2) Which of the following represents the factory overhead applied to a product?
A)predetermined factory overhead rate times estimated activity base
B)actual factory overhead rate times estimated activity base
C)predetermined factory overhead rate times actual activity base
D)actual factory overhead rate times actual activity base
Answer: C
Q3) Recording jobs completed would include a credit to
A)Factory Overhead
B)Finished Goods
C)Work in Process
D)Cost of Goods Sold
Answer: C
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Chapter 3: Process Cost Systems
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198 Verified Questions
198 Flashcards
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Sample Questions
Q1) The total cost of units completed during the period were
A)$117,000
B)$143,400
C)$121,000
D)$127,450
Answer: A
Q2) Using the FIFO method, the number of equivalent units of conversion costs was
A)14,400
B)14,380
C)14,550
D)15,850
Answer: B
Q3) If the principal products of a manufacturing process are identical, a process cost system is more appropriate than a job order cost system.
A)True
B)False
Answer: True
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Chapter 4: Cost Behavior and Cost-Volume-Profit Analysis
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225 Verified Questions
225 Flashcards
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Sample Questions
Q1) In an absorption costing income statement, the manufacturing margin is the excess of sales over the variable cost of goods sold.
A)True
B)False
Q2) Connor Company's fixed costs are $400,000, the unit selling price is $25, and the unit variable costs are $15.What is the break-even sale units if the variable costs are increased by $2?
A)50,000 units
B)30,770 units
C)40,000 units
D)26,667 units
Q3) If fixed costs are $1,200,000, the unit selling price is $240, and the unit variable costs are $110, what is the amount of sales required to realize an operating income of $200,000?
A)9,231 units
B)12,000 units
C)10,769 units
D)5,833 units
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Chapter 5: Variable Costing for Management Analysis
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) Management may use both absorption and variable costing methods for analyzing a particular product.
A)True
B)False
Q2) The systematic examination of differences between planned and actual contribution margins is termed contribution margin analysis.
A)True
B)False
Q3) For a period during which the quantity of inventory at the end was larger than that at the beginning, income from operations reported under variable costing will be larger than income from operations reported under absorption costing.
A)True
B)False
Q4) For a period during which the quantity of product manufactured exceeded the quantity sold, income from operations reported under absorption costing will be smaller than income from operations reported under variable costing.
A)True
B)False
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Chapter 6: Budgeting
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197 Flashcards
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Sample Questions
Q1) The objectives of budgeting are 1 establishing specific goals for future operations, 2 executing plans to achieve the goals, and 3 periodically comparing actual results with these goals.
A)True
B)False
Q2) The cash budget is affected by the sales budget, the various budgets for manufacturing costs and operating expenses, and the capital expenditures budget.
A)True
B)False
Q3) What is a capital expenditures budget?
Q4) When preparing the cash budget, all the following should be considered except A)cash receipts from customers
B)depreciation expense
C)cash payments to suppliers
D)cash payments for equipment
Q5) The flexible budget is, in effect, a series of static budgets for different levels of activity.
A)True
B)False
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Chapter 7: Performance Evaluation Using Variances From
Standard Costs
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175 Verified Questions
175 Flashcards
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Sample Questions
Q1) The most effective means of presenting standard factory overhead cost variance data is through a factory overhead cost variance report.
A)True
B)False
Q2) Ruby Company produces a chair that requires 5 yards of material per unit.The standard price of one yard of material is $7.50.During the month, 8,400 chairs were manufactured, using 43,700 yards at a cost of $7.30 per yard.
Determine the a price variance, b quantity variance, and c total cost variance.
Q3) A favorable cost variance occurs when
A)actual costs are more than standard costs
B)standard costs are more than actual costs
C)standard costs are less than actual costs
D)actual costs are the same as standard costs
Q4) A company must choose either a standard system or nonfinancial performance measures to evaluate the performance of a company.
A)True
B)False
Q5) Compute the direct materials price and quantity variances for Taylor Company.
Page 9
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Chapter 8: Performance Evaluation for Decentralized Operations
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Sample Questions
Q1) Under the negotiated price approach, the transfer price is the price at which the product or service transferred could be sold to outside buyers.
A)True
B)False
Q2) Number of work orders
A)Purchasing
B)Payroll accounting
C)Human resources
D)Maintenance
E)Information systems
F)Marketing
G)President's Office
H)Transportation
Q3) The objective of transfer pricing is to encourage each division manager to transfer goods and services between divisions if overall company income can be increased by doing so.
A)True
B)False
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Chapter 9: Differential Analysis, Product Pricing, and
Activity-Based Costing
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175 Flashcards
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Sample Questions
Q1) What pricing concept considers the price that other providers charge for the same product?
A)demand-based concept
B)total cost concept
C)cost-plus concept
D)competition-based concept
Q2) The unit selling price for the company's product is
A)$15.00
B)$13.82
C)$15.80
D)$14.76
Q3) The amount of increase or decrease in cost that is expected from a particular course of action as compared with an alternative is
A)period cost
B)product cost
C)differential cost
D)discretionary cost
Q4) A cost that will not be affected by later decisions is termed a sunk cost.
A)True
B)False
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Chapter 10: Capital Investment Analysis
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Sample Questions
Q1) A company is planning to purchase a machine that will cost $24,000, have a 6-year life, and have no salvage value.The company expects to sell the machine's output of 3,000 units evenly throughout each year.Total income over the life of the machine is estimated to be $12,000.The machine will generate net cash flows per year of $6,000.The average rate of return for the machine is 16.7%.
A)True
B)False
Q2) A company is planning to purchase a machine that will cost $24,000, have a 6-year life, and have no salvage value.The company expects to sell the machine's output of 3,000 units evenly throughout each year.Total income over the life of the machine is estimated to be $12,000.The machine will generate net cash flows per year of $6,000.The average rate of return for the machine is 50%.
A)True
B)False
Q3) A qualitative characteristic that may impact upon capital investment analysis is manufacturing flexibility.
A)True
B)False
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Page 12
Chapter 11: Cost Allocation and Activity-Based Costing
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110 Flashcards
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Sample Questions
Q1) The Ramapo Company uses a single overhead rate to apply all overhead costs.What would the single plantwide rate be if it was based on machine hours instead of labor hours?
A)$9.00 per machine hour
B)$19.50 per machine hour
C)$7.43 per machine hour
D)$4.00 per machine hour
Q2) Using the single plantwide factory overhead rate with an allocation base of direct labor hours, how much factory overhead will Challenger Factory allocate to deluxe widget production if budgeted production for the period is 50,000 units and actual production for the period is 58,000 units?
A)$391,500
B)$225,000
C)$261,000
D)$337,500
Q3) Common allocation bases are
A)direct labor dollars, direct labor hours, direct material dollars
B)direct labor dollars, direct labor hours, machine hours
C)direct labor dollars, direct labor hours, machine dollars
D)machine dollars, direct labor dollars, direct labor hours
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Chapter 12: Lean Principles, Lean Accounting, and Activity Analysis
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Sample Questions
Q1) Conan Electronics Corporation manufactures and assembles electronic motor drives for video cameras.The company assembles the motor drives for several accounts.The process consists of a lean cell for each customer.The following information relates only to one customer's lean cell.For the year, planned labor and overhead was $80,000,000; materials costs, $25 per unit.Planned production included 9,600 hours to produce 76,800 motor drives.Actual production for the month of August was 5,200 units, and motor drives shipped amounted to 5,040 units.From the foregoing information, determine the budgeted cell conversion cost per hour.
A)$8,025
B)$800
C)$7,200
D)$8,333
Q2) Customer service calls
A)Value-added
B)Non-value-added
Q3) Which of the following is not a prevention cost?
A)preventive maintenance
B)operator training
C)design engineering
D)testing finished products
Page 14
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Chapter 13: Statement of Cash Flows
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Sample Questions
Q1) On the statement of cash flows, the cash flows from financing activities section would include
A)receipts from the sale of investments
B)payments for the acquisition of investments
C)receipts from a note receivable
D)receipts from the issuance of capital stock
Q2) To determine cash payments for merchandise for the statement of cash flows using the direct method, a decrease in accounts payable is added to the cost of merchandise sold.
A)True
B)False
Q3) Under the direct method of preparing a statement of cash flows, the gain on the sale of land is not adjusted or reported as part of cash flows from operating activities.
A)True
B)False
Q4) Cash paid to acquire treasury stock should be shown on the statement of cash flows under investing activities.
A)True
B)False
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Chapter 14: Financial Statement Analysis
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198 Flashcards
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Sample Questions
Q1) Using measures to assess a business's ability to pay its current liabilities is called current position analysis.
A)True
B)False
Q2) If the accounts receivable turnover for the current year has decreased when compared with the ratio for the preceding year, there has been an acceleration in the collection of receivables.
A)True
B)False
Q3) A company reports the following:
Sales $2,400,000
Average total assets 1,500,000
Determine the ratio of sales to assets.Round your answer to one decimal place.
Q4) Reporting unusual items separately on the income statement allows investors to isolate the effects of these items on income and cash flows.
A)True
B)False
Q5) Define solvency and profitability.How are they alike?
Q6) The following data are available for Martin
Page 16
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